ROUYN-NORANDA, QC, Dec. 5, 2017 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce it has initiated an airborne geophysical survey on the eastern extension of the Veronneau property, located in the Eeyou Istchee James Bay Territory. Geotech Ltd. has been engaged to conduct a 1,130-line-kilometre airborne survey. Geotech will be using its VTEMTM Plus Time Domain EM to complete the survey during the next few weeks. In addition, Marc Boivin of MB Geosolutions has been engaged by X-Terra Resources as the geophysicist to interpret and verify the results as they become available.
The survey will serve to expand on X-Terra Resources' existing geophysical database and will provide knowledge for a comprehensive understanding of the geological features and trends that have been outlined during the fall exploration on Veronneau's eastern extension. Michel Chapdelaine, X-Terra Resources Vice-President of Exploration and Development stated "this airborne survey will aim to highlight the geophysical signature of the LEJ showing (see attached map), in relation to the geology observed on the Veronneau property".
The airborne survey is being performed along 100-metre spaced lines in order to obtain high-resolution image quality of the geological features, including discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity. Additionally, full waveform recording is employed to achieve very clean early-time measurement to effectively resolve near surface structures.
Michael Ferreira, X-Terra Resources' President and Chief Executive Officer, commented: "The lack of outcrops on the eastern extension of the Veronneau property proved to be very challenging in identifying drill targets during our summer exploration programs, therefore this survey will serve as an invaluable tool in identifying drill targets for this winter's drill program".
The scarce number of outcrops that X-Terra Resources was able to identify on the eastern extension highlighted a bimodal volcanic package.
X-Terra Resources also announces that it has hired 1712060 Alberta Ltd. of Vancouver, British Columbia ("1712060") to provide investor relations services to X-Terra Resources. 1712060 will focus on the development and expansion of the Corporation's communications with the investment community through a comprehensive investor relations program and public relation activities. Under the terms of the agreement, X-Terra Resources will pay 1712060 $12,500 per month for a term of 12 months and may be cancelled by either party by giving 30 days' notice. X-Terra Resources and 1712060 are at arm's length. 1712060 and its principal does not at present own any shares of X-Terra Resources. The agreement between X-Terra Resources and 1712060 is subject to the approval of the TSX Venture Exchange.
Jeannot Theberge, PGeo, a consultant to X-Terra Resources, is the qualified person for the Veronneau property under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, responsible for the technical contents of this news release, and has approved the disclosure of the technical information contained herein. The data verification was conducted by Jeannot Theberge, P.Geo. under the supervision of Michel Chapdelaine, Vice-President of Exploration and Development of X-Terra Resources.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals properties in Canada.
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of X-Terra Resources, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of the Veronneau Property. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond X-Terra Resources' control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Financial Instruments" and "Risk and Uncertainties in X Terra Resources' Annual Report for the fiscal year ended December 31, 2016, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. X-Terra Resources does not intend, nor does X-Terra Resources undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
SOURCE X-Terra Resources Inc.
For further information: X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101, Fax: 819-762-0097, E-mail: [email protected], Website: www.xterraresources.com; Michel Chapdelaine, Vice-President of Exploration and Development, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 418-520-2194, Fax: 819-762-0097, E-mail: [email protected], Website: www.xterraresources.com